BUSN2042 : Corporations Law - Lo-Fo Dining Pty Ltd Case Study - Business Assignment Help

Assignment Task :

1) Scenario 

Brendan, Kevin and Ryan meet each other on the first day of their innovation and entrepreneurship course. They soon discover that they all follow the same organic, Low-FODMAP (“Lo-Fo”) diet because it promotes digestive balance, and according to them improves overall well-being. They become good friends, and upon completion of their course they decide to start their own business which responds to the growing demand for Lo-Fo eating options. Brendan, Kevin and Ryan struggle to make up their minds about whether to open a restaurant in the city, or whether to conduct a catering business. They are not sure about committing to a commercial lease and therefore initially decide to open a home-based catering business. 

Brendan, Kevin and Ryan decide to conduct their catering business through the following company which they register with ASIC: 

The Constitution for Lo-Fo Dining Pty Ltd comprises the following three clauses only: 

1. The company is committed to fostering community-wide digestive health and well- being.

2. The main object of the company will be to conduct the business of a restaurant with an exclusively organic and Low-FODMAP menu.

3. Any contract exceeding $10 000 requires the approval of the company in general meeting. 

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